PC Jeweller Q2 FY27 PAT Rises 107%, Becomes Debt-Free

Date: 21/10/2026

Quarter Ended September 30, 2026 (Q2 FY27) - Consolidated:

Sales: ₹1,054 crores (vs. ₹825 crores in Q2 FY26, increase of 28%)
Gross Profit: ₹325 crores (vs. ₹193 crores in Q2 FY26, increase of 68%)
Operating EBITDA*: ₹310 crores (vs. ₹178 crores in Q2 FY26, increase of 74%)
Operating PBT*: ₹295 crores (vs. ₹136 crores in Q2 FY26, increase of 116%)
Operating PAT*: ₹299 crores (vs. ₹144 crores in Q2 FY26, increase of 107%)

Half Year Ended September 30, 2026 (H1 FY27) - Consolidated:

Sales: ₹1,932 crores (vs. ₹1,550 crores in H1 FY26, increase of 25%)
Gross Profit: ₹585 crores (vs. ₹337 crores in H1 FY26, increase of 74%)
Operating EBITDA*: ₹551 crores (vs. ₹305 crores in H1 FY26, increase of 81%)
Operating PBT*: ₹518 crores (vs. ₹217 crores in H1 FY26, increase of 139%)
Operating PAT*: ₹512 crores (vs. ₹224 crores in H1 FY26, increase of 129%)

*excludes other income

Not Specified

Not Specified

Not Specified

Not Specified

Debt Repayment:

Discharged entire outstanding debt of all 14 consortium banks ahead of scheduled due dates under settlement agreement dated September 30, 2024
Company now carries zero bank borrowings
All charges, securities, guarantees (personal and corporate) and undertakings provided by the Company and guarantors stand fully released
Received No Objection cum No Dues cum Release Letter from all banks
All mortgaged assets released and original title deeds handed over to relevant title holders

Export Receivables:

Received remittances of approximately ₹142 crores from export debtors during the quarter
Issues between company and export debtors resolved through negotiations
Commencement of realization of long-pending export receivables

Fundraising:

Funds raising aggregating up to ₹500 crore by preferential issue of equity shares and warrants completed successfully on September 24, 2026
All warrants allotted to promoter Shri Balram Garg converted

Business Highlights:

Company achieved significant milestone in deleveraging journey by becoming debt-free
Strong financial and operational performance continued during the quarter
No longer incur borrowing-related finance costs going forward

Business Model:

Comprehensive offering of gold, diamond, silver, and gemstone jewellery
Catering to bridal, occasional, and everyday wear segments
Integrated business model with omni-channel presence
Customer-centric retail strategy across demographics
Presence in 13 States/UT through combination of franchisee-owned and company-owned showrooms
E-commerce presence

Industry Overview:

India's jewellery market: $140 billion opportunity driven by organized retail expansion
Diamond/studded jewellery market expected to grow at +21% CAGR by FY28
Higher gross margins for studded jewellery due to design innovation and premium pricing
Shift in consumer preferences toward lightweight, versatile designs among Gen-Z and Millennials

Way Forward:

Expansion through separate franchise model for Metros, Tier 2 and Tier 3 cities
Low Capex investment with rapid expansion opportunities and higher ROE
Vertical integration through mining operations in Chad
Positive impact on bottomline from debt-free status
Strategic partnerships under government initiatives to tap untapped rural markets
Organized jewellery market currently 35% vs 65% unorganized segment
Target to onboard franchisees in rural and semi-urban markets where no established brands exist